CHICAGO, IL, November 15, 2001 —— IndeCorp Corporation, a branded distribution hotel company that owns three brands of luxury, independent hotels and resorts, Preferred Hotels & Resorts Worldwide, Summit Hotels & Resorts, and Sterling Hotels & Resorts, today announced that it has restructured and refinanced its debt to secure long term working capital needs following the acquisition of Summit and Sterling earlier this year, and to meet the ongoing requirements of a severely depressed global travel market.
“The slowing economic conditions before September 11th combined with working capital requirements, and the events in New York City and Washington on September 11th have prompted IndeCorp to convert some short term debt into long term debt” said Peter Cass, President and Chief Executive Officer of IndeCorp. He further stated, “This financial restructuring will enable IndeCorp to thrive in an ongoing, depressed global travel economy and will enable IndeCorp to better serve our more than 380 hotels and resorts. The Chairman of the IndeCorp Board of Directors, Peter Aeby, and the entire Board have worked closely with management during this planning and negotiation period and have unanimously supported these decisions.”
Since the beginning of the year, IndeCorp has added 28 new member hotels and resorts to its Preferred, Summit, and Sterling brands; the economic conditions are motivating independent hotels and resorts to seek the safe harbor of a brand affiliation during depressed market conditions.
Chicago-based IndeCorp Corporation is the parent company of three independent hotel brands: Preferred Hotels & Resorts Worldwide (Chicago), Summit Hotels & Resorts (London) and Sterling Hotels & Resorts (Chicago). As a privately held, for-profit, shareholder-owned company, with shareholders located in 21 countries, IndeCorp serves as a protector of independent hotels and resorts, providing them with the increased competitive positioning needed to survive and thrive against chains in the global marketplace, while preserving the distinctive qualities and rich diversity that appeal to today's discerning travelers. The increased resources and operating scale advantages of multiple brands enable IndeCorp to provide their brands with expanded services in such areas as sales and marketing, quality assurance and state-of-the-art technology in sales information, reservations, e-commerce, customer relationship management and loyalty programs.
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